In reaction
to rising inflation amid a severe dollar shortage that is affecting importers and
consumers, South Sudan is looking at regulating prices in the market.
The
government in Juba has announced the formation of a consumer prices evaluation
committee.
Meanwhile, Ministry
of Trade and Industry Undersecretary Simon Nyang Anei claimed the government
was still able to provide traders with letters of credit worth thousands of
dollars to help them buy essential commodities from outside the country and subsequently
import them.
However
pressure continues to mount on the government to avert an all out economic
collapse.
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| A South Sudanese man shows off the local currency |
Martin Aligo
Abe, secretary-general of an alliance of political parties, argued that lack of
fiscal discipline in the government is behind the weakening economy and urged
the government to cut expenditure to help stop the rapidly deteriorating value of
the South Sudanese pound (SSP).
This week
the SSP dropped to its worst level ever against the dollar. On the black market
trading reached 8.5, while the bank rate remained unchanged at 3.16.